TER 2.38% 20.5¢ terracom limited

TER UNDERVALUED FAIR VALUE $1.20, page-641

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    With a declining coal price, I don't think management would think its prudent to pay out 90% (~15c FF for the full year with coal price at $165USD)
    If its at the bottom end - 40%, then you're looking at about 2c FF per quarter.

    If you're super lucky, you'll get 5c FF declared in a week or twos time. After that, it'll be around ~2.5c FF which is approx 60% payout ratio. assuming the coal price doesnt dip below $150US (which it looks like it very well may).
 
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